Well, todays loss was just over 20% for Government Motors stock with huge sell off numbers, churning at 7 times average volume. Someone is dumping a lot of GM stock. Finally sinking in that bankruptcy is it. Bet GM is a penny stock by Friday.
Bond holder said correctly, GM's offer was pathetic. Can't blame the 90% that held out and told GM to pay up or else. And the lawyers are moving in on both GM & Chrysler as we speak. I am sure we will hear more in this.
In fact, Chryslers deal is now before the courts, they might not be able to sell Chrysler to Fiat if the bond holders are not paid. LOL. They idiots might want to bypass bankruptcy law, but they can't. If they don't give bond holders a better deal, the whole thing will fall apart and Chrylser vehicles will be sold in a final clearance.
I still can't find a web site that adds up the auto-corruption and cost to taxpayers. But GM alone by my estimates is going to rack up over $100 billion tax dollars to their waste and still will be in financial trouble at that.
And even if GM can rape tax payers for another $27 billion, there si another amount at least $40 billion more coming due. This GM pig is really going to town.
The saga continues as Americans (and Canadians) loose their financial freedom to a world of corrupt corporations. Wasn't there a movie or two about where corporations ruled? Far ahead of its time.
Did you know GM is not the first, second or third largest company to go bankrupt? Not even close. GM is a paper dragon. Cheaper for all concerned just to let them die.